Gilead

2Q Revenues: $7.8 billion (-6%)

2Q Earnings: $3.5 billion (-22%)

YTD Revenues: $15.6 billion (-2%)

YTD Earnings: $7.1 billion (-20%)

Comments: Product sales for the quarter were $7.7 billion, down 5, with $4.9 billion in the U.S., down 13%, $1.6 billion in Europe, down 20%, $619 million in Japan compared to $62 million 2Q15, and $531 million in other locations, up 3%. HIV and other antiviral product sales were $3.1 billion, up 15% primarily due to increases in sales of tenofovir alafenamide (TAF) based products, Genvoya, Descovyand Odefsey. HCV product sales, which consist of Harvoni, Sovaldiand Epclusa, were $4.0 billion compared down 18% primarily due to a decline in sales of Harvoni. Other product sales, which include Letairis, Ranexa and AmBisome, were $525 million, up 6%.